President Donald Trump and his advisers said this was the plan all along: Scare the bejesus out of the world by announcing astronomically high tariffs, get countries to come to the negotiating table, and — with the exception of China — back away from the most punishing trade barriers as America works out new trade agreements around the globe.
But Trump’s 90-day pause on his “reciprocal” tariffs that were never actually reciprocal gives his administration just three months to strike enormously complex trade deals with dozens of countries that it says are lining up to negotiate.
Financial markets aren’t buying it. Stocks have whipsawed as volatility has spiked. And other markets, including oil, bonds and the dollar, are sending a clear message of deep skepticism that Trump will be able to pull this one off.